Prior attempts to generate wave power have failed because of several problems:
1. Using waves as an alternative "fuel" is tricky because of transmission problems - how to get the alternative power generated to the homes in need.
2. Using Waves to produce energy is hard because of frequent storms and the general unpredictability of the ocean
3. The actual technology involved in capturing wave power as a green energy has not been perfected
None of these difficulties is insurmountable, and it is possible that waves will become a renewable energy source at some point. The regular ocean currents under the water as well as the waves on top are naturally powerful and always moving. Even more regular than the wind and the sun, waves could provide a green home energy that sustains large swaths of home near the ocean!